The digital age brought our lives to a second universe - The internet. Ever since the internet set sail Banks had to adapt and present new services and options to their users. However, the digital also brought us digital money and financial freedom. Cryptocurrency is here to stay and is bound to disrupt the way we manage and relate with our money. Banks will need to adapt or they face certain death. While some Banks and financial institutions have been historically fighting cryptocurrency others have already understood the need to adapt to stay ahead of the curve as in the case of
some Spanish Banks. Nevertheless, this is still a new technology and Governments with its old fashion regulation as well as their Central Banks are yet to implement adequate regulation and are still a bi hindrance for cryptos to go mainstream.
Luckily, things are changing rapidly and mainstream adoption may come sooner than we think. Do you guys think, this will happen within this decade or not?
I don't think that banks are currently under a threat. It's easy to think so if we forget that here, on Bitcointalk, we are in a bubble. But the majority of the world is very different from us. The number of crypto users in the world is estimated to be
300 million users. It's estimated that
3.8 billion people use banks. The difference is enormous, even though it seems as if cryptos are everywhere. So banks are dominating, and they are dominating so strongly that cryptos are hardly even a competition for them. Not to mention that most crypto users probably don't see cryptos as money and are comfortable using fiat and bank accounts, as cryptos are a form of investment for them. While I agree that decentralized cryptos like Bitcoin offer things that effectively make banks obsolete, the vast majority of the population doesn't care, and the system is built such that it's very hard not to use banks (for example, in my country you cannot receive an official salary or scholarship without a bank account, and you don't even get to choose which bank). So facing death is far from reality for banks these days.
